An important new dimension of the regulatory environment in banking and insurance is the explicit reliance on market discipline. Expectation: A transparent market will require less overt intervention by regulators (market participants themselves force appropriate behavior)...

Der Verbraucherpolitik fällt es schwer, mitden Entwicklungen im Wirtschaftsleben,insbesondere mit der Expansion des digitalenHandels mit Produkten und Dienstleistungen,Schritt zu halten. Viele Verbraucher werdendurch unseriöse Praktiken der Anbieter, durchunzulässige Vertragsklauseln oder...

This paper analyses individual information acquisition in an ultimatum game with aprioriunknown outside options. We find that while individual play seems to accord reasonablywell with the distribution of empirical behavior, contestants seem to grossly overweighthe value of information. While...

Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market participants at each stage of the securitization process to...